(760 ILCS 3/402)
    Sec. 402. Requirements for creation.
    (a) A trust is created only if:
        (1) the settlor has capacity to create a trust;
        (2) the settlor indicates an intention to create the
    
trust;
        (3) the trust has a definite beneficiary or is:
            (A) a charitable trust;
            (B) a trust for the care of an animal, as
        
provided in Section 408; or
            (C) a trust for a noncharitable purpose, as
        
provided in Section 409;
        (4) the trustee has duties to perform; and
        (5) the same person is not the sole trustee and sole
    
beneficiary.
    (b) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
    (c) A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
(Source: P.A. 101-48, eff. 1-1-20.)